Coinrail Loses $40 Million to Hack Attack

Another cryptocurrency exchange falls victim to a hack attack. The South Korean cryptocurrency exchange Coinrail has just lost over $40 million in altcoins over the weekend.

Coinrail is no Bithumb. It’s one of the smaller exchanges in the country, ranking somewhere in the world’s top 90 exchanges based on trading volume. Even so, they had a lot of tokens.

According to a wallet address that is confirmed to be the one belonging to the hackers, the hackers didn’t just target one cryptocurrency for the heist. They stole around $19.5 million in NPXS tokens, $13.8 million in Aston X tokens, $5.8 million in Dent tokens, and $1.1 million Tron/TRX.

They are now working with local authorities, other exchanges, and coin developers to investigate the matter. Because of this, the exchange cannot give all the details on the investigation progress as doing so may compromise the efforts. However, they did announce on their website that 70% of their total coin reserves has been moved to a secure cold storage.

The “leaked” Pundi, Aston X, and Enper coins have been frozen by the developers.

Many have also suggested that this recent hack has led to the further dropping of bitcoin value by 7%.